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HomeAfricaGhana's inflation inches up to 10.9%

Ghana’s inflation inches up to 10.9%

Ghana’s rate of inflation for May inched up to 10.9% from 10.6% in April due to an increase in prices of electricity, imported items, housing and other utilities, the Ghana Statistical Service (GSS) announced on Wednesday.

This is the highest rate recorded since June 2010.

The prices of mineral water, sugar, cocoa and juices led to the increase for food inflation, the GSS said.

“Prices are higher as compared to last year and than what we expect and the drivers will differ because each has its own different component,” Acting Government Statistician, Dr. Philomena Nyarko, said.

The year-on-year food inflation rate was 6.0%, lower than the 6.4% recorded in April 2013. GSS expects better figures in July and August when food is harvested.

On the monthly basis, the Greater Accra Region recorded the highest of 12.6% while the Brong Ahafo Region recorded the lowest of 9.5%. Ghana has 10 administrative regions.

GSS will next week release the re-based Consumer Price Index (CPI) which is expected to reflect the change in expenditure patterns of households.

The new basket of items used to compile the rate of inflation will comprise 266 items as compared to the previous basket of 242 items that was composed in 2006.

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